Defining As Current Output

question 2

True/False

Defining
as current output,
as potential output, and
as short-run fluctuations, the text uses the following equation to measure the fluctuations component of output:
.

Understand the concept and accounting treatment of accrued revenues.

Knowledge of reversing entries and their purposes.

Understand the function of control accounts and subsidiary ledgers.

Understand the process of recording closing and reversing entries.